Home loans from Federal bank are renowned for its competitive pricing, transparent policies, and friendly customer service. This bank is amongst the top banks in the country and is a good choice for a customer to avail a housing loan.
Plot loans are loans provided for a vacant plot or plots for subsequent house construction, although the terms of a plot loan are similar to a home loan. Plot loans can only be availed for a residential plot within corporation or municipal limits.
Plot Loan at Federal Bank is offered to all resident individuals from salaried to self-employed as well as business people. You can avail a Federal Bank plot loan in the following ways:
By downloading the plot loan application form, filling it and physically submitting it to the respective branch.
You can also dial the customer care and speak to the contact centre executives and initiate the process of plot loan.
You can also visit any branch of the Federal Bank and request for an application form, take assistance from them and avail a plot loan as required.
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Features of Federal Bank Plot Loan:
Federal Bank Plot Loan has the following features:
Quick Loan Approval: The bank ensures a speedy process of loan approval, cutting down on the wait period for approval.
Minimum Documentation: Federal Bank does not give you a long list of documents to be submitted along with the plot loan application form.
Loan Amount: Borrowers can avail a plot loan up to Rs.25 lakhs. A 40% margin cost is applied where it is a part of land cost as mentioned in the sale deed, stamp duty as well as registration charges.Upto 60% of the plot’s value can be covered in the plot loan from Federal Bank.
Interest Rate: Interest rate of the Federal Bank Plot loan is calculated using the MCLR method where the marginal cost of funds of the bank, operating costs, tenor premium and negative carry on CRR (Cash Reserve Ratio) is considered.
The final lending rate of the loan is calculated by adding the MCLR and spread. The MCLR set on the loan disbursal day is applicable until there the rates are reset.
Loan Repayment: Federal Bank plot loan comes with a repayment period of 60 months. The loan can be repaid via easy EMIs. The various repayment modes that can be opted for, are:
Through cheques - You can make loan repayments by depositing a cheque every month against the loan.
Internet banking or FedNet - Using Federal Bank’s 24 hour virtual internet banking service, you can make your loan repayments with the click of a button.
Automated Payment using ECS where payment is initiated via the electronic clearance service where funds are transferred electronically.
By giving standing instructions at the respective branch, you can assign a monthly amount for loan repayment and this way you do not have to worry about remembering it every month.
Mobile banking - Federal Bank offers mobile platforms for making online payments such as FedMobile, FedBook and Scan N Pay.
Security: The plot serves as the security for the loan and as interim security for 100% of the loan value.
Documents required for Federal Bank Plot Loan:
The following documents are required when applying for a Federal Bank Plot Loan:
Identity proof such as Passport, Driving License, Voters ID or PAN Card.
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FAQs:
What is the maximum plot loan value that I can get from Federal Bank?
Federal Bank grants plot loan of maximum value of Rs.25 lakhs.
What are my repayment options for a plot from Federal Bank?
You can make loan repayments via Equated monthly Installments (EMIs) through cheques, internet or mobile banking, automated payment through ECS or standing instructions to your bank branch.
What can I give as ID proof when applying for Federal Loan Plot Loan?
Passport, Driving License, PAN card or Voter ID can be given as ID proof when applying for a plot loan.
What are the land related documents that I will have to submit to the Federal Bank when applying for a plot loan?
Title deed of the land, the tax receipt of the land are few of the documents required to be submitted, along with any others if requested by the bank.
How can I contact the customer care in case of complaints or grievances related to the loan?
You can leave your number on the website, contact the customer care, connect through video chat or write to the bank in case of any complaints or issues regarding Federal Bank plot loans.
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I have taken a home loan from Federal bank and it was a good loan experience. The loan amount was for Rs 18 lakhs with the rate of interest of 9 or 9.5% which is less when compared to all other banks. The process was quite lengthy and it took 1 month to receive the loan. Customer service was good. The tenure of this loan is 15 years .
I availed home loan from Federal bank, I took Rs.30 lakhs principal for the duration of 15 years. The rate of interest was floating around 8.75% per annum, they taken some processing fee around Rs.20,000 but there is no stamp duty and insurance charges. The documentation was simple since I am a KYC customer.
I have a home loan with Federal Bank. They have provided me a sufficient loan amount but comparing to other banks, the operations are very slow. I have applied the loan through agency but the bank is doing okay. The loan tenure is 18 years. The interest rate is reasonable in the market. There was no processing fee.
Federal Bank was not up to the mark initially when I had taken the home loan from them. Not things have changed about a new chief manager had taken over. What ever was my requirement they met it. The rate of interest and processing charges are normal.
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12
VIJAY C ALAKURSIV
, secunderabad
Reviewed on Dec 13, 2018
I have a home loan in Federal Bank and its running till now. The total duration is 18 years and I have completed 3 years. The rate of interest and charges are normal. The customer service was good and they do respond properly. I am paying monthly around 10,000 rupees as a EMI.
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12
SHIBU KUMAR DAMODARAN
, chennai
Reviewed on Mar 01, 2018
Federal is providing lowest interest rate on home loan, they offered me 8.25% of interest for the home loan amount around Rs. 65 lakhs, they are best in interest rate. They do have part payment, foreclosure there is no charges as per govt of India. Federal processed my application on time, overall its good.
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8
DEEPTI RAGHAVAN
, bangalore
Reviewed on Feb 22, 2018
I have taken a home loan from Federal bank and it was a good loan experience. The loan amount was for Rs 16 lakhs with the rate of interest of 11.3% which is high when compared to all other banks. The process was quite lengthy and it took 1 month to receive the loan. Customer service was not up to the mark and their response was delayed. The tenure of this loan is 15 years and the processing fees are also high.
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9
SIBI POULOSE CHETHALAN
, mumbai
Reviewed on Jan 17, 2018
I have a home loan with Federal bank for around 8 years. Intially they offered the loan with the rate of interest 9.5% for the 1st year then they increased after 2nd year 10.75% to 11.75% down the line as per RBI rules, but never decrease the rate of interest when the RBI reduces, even after meeting the bank executives they will reduce for namesake like 0.5%. Whenever.
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11
SEBASTIAN JESUDAS
, coimbatore
Reviewed on Nov 21, 2017
I will complete the home loan in one and a half years. It took this loan from federal about eight to nine years ago. The interest rate is 9.30%. I got good service during the loan process, even now their services are as same as earlier. I am happy with Federal.
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1
GOPAKUMAR VIJAY MENAN
, pune
Reviewed on Aug 23, 2017
I got the home loan with the Federal bank by 2015 and the rate of interest was around 8.75%, which is floating, also its reduced one. By very next month RBI repo rate will be applicable to the customer EMI. I got around 80% of the cost of home as loan and the collateral is a primary security.
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4
VIJAY RAJKUMAR VIJJAN
, ahmednagar
Reviewed on May 23, 2017
I earlier had my home loan with Federal bank and the process with the bank was good and I had no hassles as long as I was banking with them for this product. When I transferred my loan I was not charged any processing fees as well. It was smooth and easy.
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1
SONU SATHYADHARMAN VALAYIL
, pune
Reviewed on May 16, 2017
I got the housing loan from the Federal bank and my entire family is having good relationship with Federal bank because of their good customer service. Interest rate was huge at that time and the customer service was good one with them and their charges were a kind of okay for me.
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1
KANNERI HARIDAS NAIR
, mumbai
Reviewed on Apr 11, 2017
I would describe Federal bank as an average bank probably because their online service is not good. Each time I had to go the bank to change the password. For every single activity I had to visit the branch. Recently, I visited the Branch for getting my Certificate of Interest as I had issues with my online banking. As I had forgotten my online banking password.
I already closed the housing loan with Federal bank and the interest rate was around 10.5%, which was floating based one. They don't have top up facility but while it comes to services, they are really up to the mark. While I took the housing loan, they only have done every help for me. I would like to suggest that they need to give competitive property value for providing loans and also they need to include the top up facility.
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3
KAMALA KANNAN
, bangalore
Reviewed on Aug 25, 2016
One of my friend is working with federal bank and due to this, the loan process was pretty easy for me. Interest rate was .25% higher with Fedaral bank for home loan, when compared to other banks. Processing time was very very quick from the banker.
My home loan is from Federal Bank. The services are good from them. But they have been offering a high rate of interest. I have also requested them to reduce it. And also submitted a letter for it. They are yet to reply back. The charges are normal.
There was smooth process from federal bank for the home loan application. We had all the required documents available. The bank executive and manger helped out of the documentation as the property was in different location. They charged the competitive interest rate.
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1
YOGESH PRABAHAKARAN
, mumbai
Reviewed on Feb 23, 2016
10 years back I purchased a home loan from Federal bank. At that time they processed my loan with minimum rate of interest. According to me a home loan in federal back is mush faster and easier to avail, compared to any other banks. I would surely recommend this bank.
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2
JAYARAMAN GANESH
, mumbai
Reviewed on Jan 21, 2016
Federal bank is good and they have good customer service. I had applied for the home loan with Federal bank but the property is not A-khata so it is not doable and the plan was stopped. According to me I am happy with the service of bank. No idea about charge.
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1
MANI MAHENDRAN
, bangalore
Reviewed on Dec 08, 2015
Federal bank was providing less amount comparing with other bank and that was my problem so I could not take the home loan. My expectation was high and asked to sanction high amount but they had some limitations. Interest rate is bit high here in Federal bank.
